Dallas-Fort Worth home sales surge 27% in April

Excerpt

The following is from the May 6, 2010, edition of The Dallas Morning News. Bernard Weinstein, an economist and associate director of SMU's Maguire Energy Institute, provided expertise for this story.

By STEVE BROWNThe Dallas Morning News

North Texas home sales surged 27 percent in April from a year earlier.

Condominium sales rose even higher – up 49 percent.

Median home sales prices also rose a solid 7 percent in last month's report, one of the best recent year-over-year gains.

The jump in pre-owned home sales was fueled by the federal homebuying tax credits that just expired.

The April increase and an 11 percent rise in March were enough to put home sales ahead 9 percent so far this year in North Texas. . .

Currently, there's just over a six-month supply of pre-owned homes for sale in the North Texas market, which includes 24 counties. That's considered a balanced market.

"Certainly, it's great to see the market starting to clear the excess inventory of existing homes," said Dr. Bernard Weinstein, an economist with Southern Methodist University. "The rebound in home sales reflects confidence that both the national and local economies are on the mend.

"Low interest rates, the tax credit and an abundance of competitively priced foreclosure properties have also helped push up sales."